Which banks offer cashback on new mortgages?

Hey guys, all of Ireland’s major banks are
currently offering some form of cashback to new mortgage customers. So in this video we’re
going to run through the cashback offers available from Ireland’s six leading banks and discuss
whether or not they represent good value. So let’s kick off with AIB. AIB aren’t currently
offering any cashback offers to first time buyers but if you’re switching your mortgage
over to the bank, you will be offered €2,000 to go towards your legal fees. Bank of Ireland,
which is the first bank to introduce cashback as an incentive to new mortgage customers
is offering 3% cashback to first time buyers and to customers who switch mortgages to the
bank. You’ll get the initial 2% cashback straightaway and then you’ll get the third percent after
5 years of mortgage repayments. So let’s say you’re taking out a mortgage of €300,000
with Bank of Ireland, you’ll get €9,000 back by the end of the 5th year. EBS are keeping
things simple by offering 2% cashback both to first time buyers and to switchers at the
initial drawdown period of your mortgage. KBC isn’t offering anything to first time
buyers right now but they are offering €3,000 cashback to customers who switch their mortgage
to the bank. Permanent TSB, like EBS are offering 2% back at the initial drawdown stage but
they’re also switching things up by offering 2% back on every monthly repayment, so you’ll
get that 2% back every month, straight into your Explore account when you make your mortgage
repayment. Finally, Ulster Bank is simply offering €1,500 back in cash to first time
buyers and to customers who switch their mortgage. These cashback offers can seen really, really
attractive but it’s important to consider the lifetime value of the loan before picking
a bank to take out your mortgage with. In some cases, the cashback offers are attached
to particularly high variable or fixed rates which can quickly gobble up the value of that
cashback within a couple of years, leaving you paying a high amount every month for the
remainder of your mortgage. So it’s important to shop around to consider the overall cost
of your loan which is something you can easily do right now on bonkers.ie. So there you have
it guys, a quick snapshot of what each major bank is offering in terms of mortgage cashback
offers. If you’d like to read about anything more in detail, you can catch it all over
on our blog at bonkers.ie/blog. Thanks for watching.

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